Prepaid Financial Services Limited (PFS), an established e-money issuer and alternative banking provider has been awarded a prestigious Queen's Award for Enterprise in the category for International Trade.
Established in 2008, the company has evolved from being a prepaid programme manager into a major payments service provider. It could be said that PFS is a true FinTech, operating long before the term was coined. Having established itself as a prepaid card provider, the company saw an opportunity to capitalise on the growing demand for cashless payments and now offers a comprehensive range of e-money and banking solutions including e-wallets, physical and virtual prepaid cards and current accounts in the UK and the Eurozone.
The company is the fastest growing non-bank issuer of Mastercard prepaid products in Europe with programmes live in 24 countries and its products utilised by governments, local authorities, mobile networking operators, banks and corporates globally.
With its Head Office based in London's West End, PFS is regulated and authorised by the Financial Conduct Authority. The company provides unparalleled flexibility in designing, developing, implementing and managing white labelled prepaid programmes.
The product range has evolved over recent years due to its proprietary IT system, bespoke software and possessing its own e-money license. PFS has a number of solutions which are designed to appeal to PSPs, corporates, digital/challenger banks or any other organisation that wishes to move its banking services away from the incumbents and use, or offer, multi-currency banking facilities alongside the benefits of a prepaid account. PFS provision real IBAN accounts, giving end users the ability to manage their banking as they would with any other traditional bank account.
Prepaid Financial Services' clients span many industries, with thousands of FinTechs, corporates, governments and NGOs across Europe. Overseas sales have grown from £8.6 million in 2013 to £23.8 million in 2015; an overall growth of nearly 176%, with exports, now representing over 82% of all sales.
Noel Moran, CEO, PFS: "We are thrilled to have received The Queen's Award for Enterprise. Adding this accolade to the others which we have won over the past 12 months is truly an honour. Our success is attributed to our fantastic team who have assisted in expanding our product portfolio, from initially the issuance of prepaid cards right through to PFS now offering current account solutions in the UK and Eurozone.
Moran continued: "Our technology platform has been developed completely in-house, which has enabled us to grow our service offerings in accordance with specific market conditions - this has been fundamental to our international success.